If the tenant is requesting a cosmetic upgrade, you have no obligation to do it.

Likely just light cosmetic, fix ups, bath and kitchen remodel, landscaping. 

We bought it with a HELOC on my mom's primary residence for the first $40k, then hired a contractor for demolition and major renovations, did cosmetics ourselves and used more heloc money totaling $60,000. 1 year later we listed it on VRBO and AIRBNB and refinanced the $100000 into a fixed rate mortgage.

Are you looking at properties that only need "cosmetic" rehab or are you open to deals that require more rehab?

Although only light "fixing"-- mostly cosmetic stuff. 

As we got into what was supposed to be just a cosmetic rehab we uncovered several things that set me back by about 5 months and $40K.

Their approach resembles the BRRRR method.For example, we have a 3-bedroom, 2-bathroom home in fair condition (requiring less than $20K in cosmetic repairs) that has been on the market since August 2024.

All new cosmetic ?

Renovated with cosmetic updates for immediate rental income, it offers strong cash flow while preparing for more extensive repairs and the addition of an ADU.

Situated on a large lot in a thriving Morganton market, it features immediate rental income potential with cosmetic updates already completed.